Richard Branson readies launch of Virgin internet bank

Financial Services

May 18, 2009

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Richard Branson readies launch of Virgin internet bank

LONDON - Virgin is considering the launch of an internet bank to capitalise on growing consumer dissatisfaction with traditional high-street banks.

According to reports in the Observer, Sir Richard Branson is looking to follow supermarket giant Tesco into the online-retail banking market.

Any new product will be marketed under the the Virgin Money brand, headed up by former Norwich Union marketing director Jayne-Anne Gadhia. However, Virgin Money must first apply for a full banking licence from the Financial Services Authority (FSA).

Earlier this year, Branson told the media he was looking to launch a high-street banking brand within two years. Part of the plan may involve a partial acquisition of state-owned bank Northern Rock, which Virgin attempted to buy in 2008.

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